Condo Insurance

Owning a condo comes with many of the same risks and responsibilities as homeownership. Condo insurance can help protect you from unexpected financial losses and personal liability lawsuits. Contact JJ Insurance in Denver, Colorado, to learn more about our condo insurance policies.

How Does Condo Insurance Work?

A condo insurance policy, also known as an HO-6 policy, is a binding contract between you and your insurance company. In exchange for your premiums, your insurer must pay for covered losses per your policy terms and conditions.

What’s Included in Condo Insurance?

The exact benefits of your condo insurance may vary with your insurer. Review your policy terms carefully or ask your insurance agent about what’s covered.

Here are some common benefits of condo insurance:

• Building property coverage can help repair or replace interior aspects of your condo damaged by covered perils.
• Personal property coverage can help pay for your belongings if they’re damaged or destroyed by a covered loss.
• Personal liability coverage can help cover expenses (e.g., medical bills and legal fees) arising from claims that a third party was injured at your property.
• Guest medical coverage can help pay medical bills if a guest is physically injured at your property.
• Loss of use coverage can help reimburse you for extra living expenses if a covered peril renders your condo temporarily uninhabitable.

How Much Condo Insurance Do I Need?

Your insurance needs are unique to you. When deciding how much coverage to purchase, it may be beneficial to get enough coverage to replace your condo and all of your belongings if they are destroyed. The type of condo insurance your association has may also affect the coverage you need, as some condo associations provide greater insurance protections than others.

How Much Does Condo Insurance Cost?

Several factors may affect the cost of your premiums, including the following:

• Location
• Building and condo unit age
• Claims history
• Your association’s master insurance policy
• Policy details

The agents at JJ Insurance are here to help. Contact us today to learn more about condo insurance coverage and to get an insurance quote.